Nearly 40 per cent of Canadian employees suffer from burnout, costing companies with 500 employees about $3.4 million a year, according to a new Canada Life survey.
In addition to burnout, only 42 percent of employees with a mental health diagnosis disclose it to their employer out of fear it could harm their career, the survey found.
“This year’s findings underscore the urgent need for Canadian workplaces to move beyond awareness and take action,” Michael Cooper, vice-president of Mental Health Research Canada (MHRC), said in a statement. “With nearly 40 percent of employees reporting burnout and more than half facing mental health issues that impact their work, the cost of inaction is too high.”
Only 36 per cent of employees said their workplace offers programs to prevent burnout, Canada Life said, so there’s a real opportunity for companies to save some money with an upfront spend on mental health support.
The insurer predicts that burnout prevention measures can save companies with at least 500 employees approximately $1.7 million a year, effectively cutting their related costs in half.
“Burnout is not just a personal issue; it is a workplace issue that comes with a price,” said Mary Ann Baynton, director of collaboration and strategy at Canada Life’s Workplace Strategies for Mental Health. “When organizations invest in prevention, they are not only protecting their people; they are also protecting their bottom line.”
The survey echoes a similar report from Robert Half Canada Inc. in March, which said 47 per cent of respondents felt burned out, compared to 42 per cent in 2024 and 33 per cent in 2023.
Those who work in legal and human resources professions, working parents and millennials were the most likely to report burnout, according to the Robert Half survey. At the time, respondents highlighted long hours, high-stress work, insufficient work-life balance, and few opportunities for growth as contributing factors.
“When employees are burned out due to heavy workloads and understaffed teams, companies risk decreased productivity and morale, losing valuable team members, and lost revenue due to delayed key schedules for critical projects,” Koula Vasilopoulos, senior managing director at Robert Half, said in a statement.
Canada Life recommends training company leaders to recognize signs of burnout among employees, promote a healthy work-life balance, and provide evidence-based mental health support that helps employees feel comfortable speaking up.
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Canada’s export numbers are declining, according to the latest trade data.
The country’s deficit in commercial goods reached $6.3 billion in August, almost double what it was in July. Economists had forecast a deficit of just $5.6 billion.
“Canadian trade’s recovery from second-quarter weakness was never going to be a straight line, and August curved in the wrong direction with the trade deficit widening more than expected,” Andrew Grantham, economist at CIBC Capital Markets, said in a note.
The deficit has some economists wondering whether Canada’s GDP in August could contract.
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There’s an old saying that compares life to a roll of toilet paper: the closer you get to the end, the faster it spins. This mentality causes some to seek to stop putting off joy and get to the good part of life while there is still a lot of paper on the list. Focusing on goal-based investing and risk management can lead to better results both financially and professionally, writes Martin Pelletier.
McLister on mortgages
Do you want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help you navigate the complex industry, from the latest trends to financing opportunities you won’t want to miss. Also, check out their mortgage rates page for Canada’s lowest national mortgage rates, updated daily.
Financial Post on YouTube
Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts on business, economics, housing, the energy sector and more.
Today’s Posthaste was written by Ben Cousins, with additional reporting by staff at the Financial Post, Canadian Press and Bloomberg.
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